On 21 December 2011, Kodak filed an SEC notice announcing the resignation of board directors Adam Clammer and Herald Chen, both of whom joined the company's board in 2009 as representatives of US-based private equity firm KKR.

A report by the Wall Street Journal, citing a person familiar with the matter, claimed that Chen and Clammer had grown frustrated with the rate of progress in turning around Kodak's loss-making operations.

The following day (22 December) Kodak announced that the company's general counsel, Laura Quatela, had been elected president to serve alongside existing president Philip Faraci from 1 January 2012.

Quatela, 54, previously served as Kodak's chief intellectual property officer and managing director, intellectual property transactions. Patrick Sheller, company secretary, chief compliance officer and deputy general counsel succeeds Quatela as general counsel.

Kodak's Christmas of flux was concluded on 29 December, when Laura Tyson also resigned her position from the company's board. Kodak gave no reason for Tyson's departure, which leaves the company with 11 board members, including chief executive Antonio Perez.

Following its Q3 results filing in November, Kodak warned that it would not be able to keep funding its operations if it is unable to raise new funds or sell its patents portfolio.